Jay Agarwal ( CA Final) (207 Points)
07 July 2016
Harshit Kabra (INVESTOR)
(Student CA final)
(1113 Points)
Replied 07 July 2016
u will get an indexd cost of improvement from the year of such improvement to the year of sale, also u will get indexed cost of acquition from the date of acquired flat/constructed to the year of sale.
u will deduct all such cost of acquisition and improvement from the sale considertaion remaining will be ur liability.
further , if u will construct/purchase a brand new flat within 2 year of sale and before 1year of sale respectively then u will get exemption within section 50 series based on ur acquisition/construction.
so in ur case , ur purchase was yes within the 1yr of sale of such property for 32lac , so u will definately get exemption upto the cost or capital gain amount which ever is lower.
hope u will all clear from ur doubt
regards
harshit
CAclubindia
